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target="_blank">焦炭</a> <a href="https://naicai.mysteel.com/index.html" target="_blank">耐材</a> <a href="https://coal.mysteel.com/market/p-302-----050202-0--------1.html" target="_blank">炼焦煤</a> <a href="https://coal.mysteel.com/market/p-306-----050201-0--------1.html" target="_blank">动力煤</a> <a href="https://coal.mysteel.com/market/p-305-----050203-0--------1.html" target="_blank">喷吹煤</a> <a href="https://coal.mysteel.com/market/p-312-0----050204-0--------1.html" target="_blank">无烟煤</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong> <a href="https://tg.mysteel.com/" target="_blank">特钢</a> </strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a href="https://youtegang.mysteel.com/" target="_blank">优特钢</a> <a href="https://gongmo.mysteel.com/" target="_blank">工模钢</a> <a href="https://tanhuang.mysteel.com/" target="_blank">弹簧钢</a> <a href="https://zhoucheng.mysteel.com/" target="_blank">轴承钢</a> <a href="https://lengdun.mysteel.com/" target="_blank">冷镦拉丝</a> <a href="https://youhanxian.mysteel.com/" target="_blank">优焊线</a> <a href="https://gangjiaoxian.mysteel.com/" target="_blank">钢绞线</a> <a href="https://gypy.mysteel.com/" target="_blank">工业普圆</a> <a href="https://yzbd.mysteel.com/" target="_blank">优质板带</a> <a href="https://guanpi.mysteel.com/" target="_blank">管坯</a> <a href="https://yzgp.mysteel.com/" target="_blank">优特锭坯</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF" style="border-bottom:1px solid #A6CFE4"> <strong> <a href="https://www.mymetal.net/" target="_blank">有色</a> </strong> </td> <td bgcolor="#FFFFFF" style="border-bottom:1px solid #A6CFE4; padding-left:8px;"> <a href="https://tong.mymetal.net/" target="_blank">铜</a> <a href="http://lv.mymetal.net/" target="_blank">铝</a> <a href="http://qian.mymetal.net/" target="_blank">铅</a> <a href="http://xin.mymetal.net/" target="_blank">锌</a> <a href="http://nie.mymetal.net/" target="_blank">镍</a> <a href="https://xitu.mymetal.net/" target="_blank">稀土</a> <a href="https://xi.mymetal.net/" target="_blank">锡</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong>直辖</strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a href="https://shanghai.mysteel.com/" target="_blank">上海</a> <a href="https://beijing.mysteel.com/" target="_blank">北京</a> <a href="https://tianjin.mysteel.com/" target="_blank">天津</a> <a href="https://chongqing.mysteel.com/" target="_blank">重庆</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong> <a href="https://huadong.mysteel.com/" target="_blank">华东</a> </strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a href="https://zhejiang.mysteel.com/" target="_blank" class="bold">浙江</a> <a href="https://hangzhou.mysteel.com/" target="_blank">杭州</a> <a href="https://ningbo.mysteel.com/" target="_blank">宁波</a> <a href="https://wenzhou.mysteel.com/" target="_blank">温州</a> <a href="https://zjtaizhou.mysteel.com/" target="_blank">台州</a> <a href="https://jiaxing.mysteel.com/" target="_blank">嘉兴</a> <a href="https://jinhua.mysteel.com/" target="_blank">金华</a> <a href="https://shaoxing.mysteel.com/" target="_blank">绍兴</a> <a href="https://jiancai.mysteel.com/market/pa228a81723aa0aaaaa1.html" target="_blank">丽水</a> <a href="https://jiangsu.mysteel.com/" target="_blank" class="bold">江苏</a> <a href="https://nanjing.mysteel.com/" target="_blank">南京</a> <a href="https://suzhou.mysteel.com/" target="_blank">苏州</a></a> <a href="https://wuxi.mysteel.com/" target="_blank">无锡</a> <a href="https://jiangyin.mysteel.com/" target="_blank">江阴</a> <a href="https://yangzhou.mysteel.com/" target="_blank">扬州</a> <a href="https://changzhou.mysteel.com/" target="_blank">常州</a> <a href="https://zhenjiang.mysteel.com/" target="_blank">镇江</a> <a href="https://yancheng.mysteel.com/" target="_blank">盐城</a> <a href="https://nantong.mysteel.com/" target="_blank">南通</a> <a href="https://xuzhou.mysteel.com/" target="_blank">徐州</a> <a href="https://taizhou.mysteel.com/" target="_blank">泰州</a> <a href="https://suqian.mysteel.com/" target="_blank">宿迁</a> <a href="https://lianyungang.mysteel.com/" target="_blank">连云港</a> <a href="https://huaian.mysteel.com/" target="_blank">淮安</a> <a href="https://shandong.mysteel.com/" target="_blank" class="bold">山东</a> <a href="https://jinan.mysteel.com/" target="_blank">济南</a> <a href="https://qingdao.mysteel.com/" target="_blank">青岛</a> <a href="https://zibo.mysteel.com/" target="_blank">淄博</a> <a href="https://boxing.mysteel.com/" target="_blank">博兴</a> <a href="https://weifang.mysteel.com/" target="_blank">潍坊</a> <a href="https://yantai.mysteel.com/" target="_blank">烟台</a> <a href="https://laiwu.mysteel.com/" target="_blank">莱芜</a> <a href="https://taian.mysteel.com/" target="_blank">泰安</a> <a href="https://jining.mysteel.com/" target="_blank">济宁</a> <a href="https://linyi.mysteel.com/" target="_blank">临沂</a> <a href="https://weihai.mysteel.com/" target="_blank">威海</a> <a href="https://rizhao.mysteel.com/" target="_blank">日照</a> <a href="https://dezhou.mysteel.com/" target="_blank">德州</a> <a href="https://liaocheng.mysteel.com/" target="_blank">聊城</a> <a href="https://heze.mysteel.com/" target="_blank">菏泽</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01010216aaaa1.html" target="_blank">东营</a> <a href="https://fujian.mysteel.com/" target="_blank" class="bold">福建</a> <a href="https://fuzhou.mysteel.com/" target="_blank">福州</a> <a href="https://xiamen.mysteel.com/" target="_blank">厦门</a> <a href="https://quanzhou.mysteel.com/" target="_blank">泉州</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01010506aaaa1.html" target="_blank">漳州</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01010507aaaa1.html" target="_blank">宁德</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01010508aaaa1.html" target="_blank">莆田</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01010509aaaa1.html" target="_blank">龙岩</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01010504aaaa1.html" target="_blank">三明</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01010505aaaa1.html" target="_blank">南平</a> <a href="https://anhui.mysteel.com/" target="_blank" class="bold">安徽</a> <a href="https://hefei.mysteel.com/" target="_blank">合肥</a> <a href="https://wuhu.mysteel.com/" target="_blank">芜湖</a> <a href="https://maanshan.mysteel.com/" target="_blank">马鞍山</a> <a href="https://wanbei.mysteel.com/" target="_blank">蚌埠</a> <a href="https://wanbei.mysteel.com/" target="_blank">亳州</a> <a href="https://wanbei.mysteel.com/" target="_blank">阜阳</a> <a href="https://anqing.mysteel.com/" target="_blank">安庆</a> <a href="https://luan.mysteel.com/" target="_blank">六安</a> <a href="https://nanchang.mysteel.com/" target="_blank" class="bold">江西</a> <a href="https://nanchang.mysteel.com/" target="_blank">南昌</a> <a href="https://jian.mysteel.com/" target="_blank">吉安</a> <a href="https://jiujiang.mysteel.com/" target="_blank">九江</a> <a href="https://jiancai.mysteel.com/market/pa228aa0101a0a01010610aaaa1.html" target="_blank">鹰潭</a> <a href="https://ganzhou.mysteel.com/" target="_blank">赣州</a> <a href="https://xinyu.mysteel.com/" target="_blank">新余</a> <a href="https://shangrao.mysteel.com/" target="_blank">上饶</a> <a href="https://jiancai.mysteel.com/market/pa228aa0101a0a01010612aaaa1.html" target="_blank">抚州</a> <a href="https://jiancai.mysteel.com/market/pa228aa0101a0a01010608aaaa1.html" target="_blank">宜春</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong> <a href="https://huazhong.mysteel.com/" target="_blank">华中</a> </strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a href="https://henan.mysteel.com/" target="_blank" class="bold">河南</a> <a href="https://zhengzhou.mysteel.com/" target="_blank">郑州</a> <a href="https://shangqiu.mysteel.com/" target="_blank">商丘</a> <a href="https://anyang.mysteel.com/" target="_blank">安阳</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01030120aaaa1.html" target="_blank">南阳</a> <a href="https://luoyang.mysteel.com/" target="_blank">洛阳</a> <a href="https://wugang.mysteel.com/" target="_blank">舞钢</a> <a href="https://hubei.mysteel.com/" target="_blank" class="bold">湖北</a> <a href="https://wuhan.mysteel.com/" target="_blank">武汉</a> <a href="https://jiancai.mysteel.com/market/pa228a15354aa0aaaaa1.html" target="_blank">宜昌</a> <a href="https://changsha.mysteel.com/" target="_blank" class="bold">湖南</a> <a href="https://changsha.mysteel.com/" target="_blank">长沙</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01030311aaaa1.html" target="_blank">怀化</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01030303aaaa1.html" target="_blank">衡阳</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong> <a href="https://xinan.mysteel.com/" target="_blank">西南</a> </strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a href="https://sichuan.mysteel.com/" target="_blank" class="bold">四川</a> <a href="https://chengdu.mysteel.com/" target="_blank">成都</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01060206aaaa1.html" target="_blank">绵阳</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01060214aaaa1.html" target="_blank">泸州市</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01060215aaaa1.html" target="_blank">南充</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01060205aaaa1.html" target="_blank">宜宾</a> <a href="https://guiyang.mysteel.com/" target="_blank" class="bold">贵州</a> <a href="https://guiyang.mysteel.com/" target="_blank">贵阳</a> <a href="http://list1.mysteel.com/market/p-221-----0101-0-01060306-------1.html" target="_blank">遵义</a> <a href="https://kunming.mysteel.com/" target="_blank" class="bold">云南</a> <a href="https://kunming.mysteel.com/" target="_blank">昆明</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01060402aaaa1.html" target="_blank">大理</a> <a href="https://jiancai.mysteel.com/market/pa228aaa0a01060404aaaa1.html" target="_blank">曲靖</a> <a href="https://lasa.mysteel.com/" target="_blank" class="bold">西藏</a> <a href="https://lasa.mysteel.com/" target="_blank">拉萨</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong> <a href="https://huanan.mysteel.com/" target="_blank">华南</a> </strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a href="https://guangdong.mysteel.com/" target="_blank" class="bold">广东</a> <a href="https://guangzhou.mysteel.com/" target="_blank">广州</a> <a href="https://shenzhen.mysteel.com/" target="_blank">深圳</a> <a href="https://zhanjiang.mysteel.com/" target="_blank">湛江</a> <a href="https://shantou.mysteel.com/" target="_blank">潮汕</a> <a href="https://lecong.mysteel.com/" target="_blank">乐从</a> <a href="https://huizhou.mysteel.com/" target="_blank">惠州</a> <a href="https://dongguan.mysteel.com/" target="_blank">东莞</a> <a href="https://zhuhai.mysteel.com/" target="_blank">珠海</a> <a href="https://list1.mysteel.com/market/p-236-----01010905-0-01020110-------1.html" target="_blank">揭阳</a> <a href="https://guangxi.mysteel.com/" target="_blank" class="bold">广西</a> <a href="https://liuzhou.mysteel.com/" target="_blank">柳州</a> <a href="https://nanning.mysteel.com/" target="_blank">南宁</a> <a href="https://list1.mysteel.com/market/p-221-----0101-0-01020207-------1.html" target="_blank">桂林</a> <a href="https://list1.mysteel.com/market/p-221-----0101-0-01020210-------1.html" target="_blank">玉林</a> <a href="https://hainan.mysteel.com/" target="_blank" class="bold">海南</a> <a href="https://haikou.mysteel.com/" target="_blank">海口</a> <a href="https://jiancai.mysteel.com/market/pa228aa010101a0a01020303aaaa1.html" target="_blank">三亚</a> </td> </tr> <tr> <td align="center" bgcolor="#F7FCFF"> <strong> <a href="https://huabei.mysteel.com/" target="_blank">华北</a> </strong> </td> <td bgcolor="#FFFFFF" style="padding-left:8px;"> <a 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href="http://yzgp.mysteel.com/">优质钢坯</a><a class="pl" target="_blank" href="http://www.mybxg.com/">不锈钢</a><a target="_blank" href="http://list1.mysteel.com/article/p-140----0102---------1.html">每日分析</a></div> <div class="banner" id="a2"> <div class="left" id="a2_1"></div> <div class="adH" id="a2_2"></div> <div class="adH" id="a2_3"></div> <div class="adH" id="a2_4"></div> <div class="adH" id="a2_5"></div> </div> <div id="content"> <div id="naver"> <div id="searchBar"></div> <div class="naverAd" id="a3"></div> <a href="http://www.mybulkstock.com/" target="_blank">大宗商品</a> > <a href="http://www.mysteel.com/" target="_blank">我的钢铁</a> > <a href="http://gc.mysteel.com/" target="_blank">钢材频道</a> > 正文 </div> <div id="main"> <div id="articleContent"> <h1 style="color:">长城股份：枯木逢春还是画饼充饥</h1> <h2></h2> <div class="info">2006-06-28 00:00　来源：我的钢铁 <span id="oinfo"></span></div> <div id="texttop"></div> <div class="text" id="text"> <div class="nad" id="a4"></div>     <html><br>    <br>    <head><br>    <meta http-equiv="Content-Type" content="text/html; charset=gb2312"><br>    <meta name="GENERATOR" content="Microsoft FrontPage 4.0"><br>    <meta name="ProgId" content="FrontPage.Editor.Document"><br>    <title>New Page 1</title><br>    </head><br>    <br>    <body><br>    <br>    攀长钢在特钢领域拥有一定竞争优势<br>    <p>    攀长钢具备年产特钢65万吨、成品材70万吨的产能，在高温合金生产上拥有人才优势和技术装备优势。公司汽阀钢、模具钢、精密无缝管、汽轮机叶片用钢等在国内具有较高的市场份额和品牌知名度，公司也是西南地区最大的焊管生产基地。</p><br>    <p>　　攀钢入主使经营情况陆续好转</p><br>    <p>    攀钢入主后，经营情况陆续好转。管理层5月份换届后，新董事长樊政炜拥有资本市场背景，其对攀长钢的定位是公司后期发展的关键。另外四川省委和江油政府大力支持攀长钢，因此，从理论上分析，攀长钢的远期增长前景乐观。利用攀钢资源优势和技术优势，远期将建设成为中国西部最大的优特钢生产基地、钛材生产基地，2010年成为过百亿销售收入的企业。</p><br>    <p>　　集团目前主要在建项目情况</p><br>    <p>    攀长钢50万吨合金棒材生产线预计今年年底投入试运行。股份公司目前拥有500吨的钛材产量，尽管500吨钛材利润贡献有限，但将为集团钛材建设生产做技术和人才储备，因此市场对钛材将进入股份公司的猜测并非空穴来风，但由于集团资产注入还存在不确定性，目前做出必然进入股份公司的判断为时太早。</p><br>    <p>　　2006年基本能扭亏</p><br>    <p>    <br>    缺乏技术改造形成的设备老化和销售淡季因素使得06年第一季度亏损3700万，预计上半年仍将预亏，届时这将是股价的风险所在。06年股份公司将实现粗钢产量为35万吨（高合金钢为18万吨），钢材产量为50万吨（高合金材的产量为15万吨），钛材的产量为500吨。我们预计全年公司通过经营扭亏存在一定难度，将可能通过非正常性经营收益来实现扭亏。</p><br>    <p>　　公司股改情况</p><br>    <p>    预计股改支付对价不多，7月份将上报股改方案。股价有被透支迹象，建议保持谨慎态度。</p><br>    <p>    我们在15日走访了<a href="http://stockdata.stock.hexun.com/dynamic/default.aspx?stockid=000569" target="_blank"><font color="blue"><u>长城股份</u></font></a>公司的董秘办，就攀钢长钢有限公司的经营规划、股份公司特钢生产经营情况作了调研。</p><br>    <p align="left">    <br>    攀长钢在特钢领域拥有一定竞争优势</p><br>    <p align="left">    <br>    攀钢集团长钢有限公司拥有年产特殊钢65万吨、成品材70万吨的生产能力，有18条产品生产线，在高温合金和焊管生产上具备规模和人才优势。</p><br>    <p align="left">　　高温合金钢主要特性是耐高温、耐腐蚀、抗氧化，产品广泛应用于石油、化工、医药、食品、航空航天、电力核工业、自动化、锅炉垫交换器、建筑装饰等领域。2005年，攀长钢大力推行结构调整，逐步形成了具有独特优势的汽阀钢、大型材、精密无缝管、挤压管、异型锻材、模具扁钢、汽轮机叶片用钢等产品。公司“短流程炼钢工艺技术”技术水平与国内特钢同行业同装备水平相当，另外转炉—连铸工艺开发高质量、高附加值42CrMo合金结构钢获得成功，纯净度等技术指标达到国内外同类产品先进水平，该钢种已进入批量生产阶段。</p><br>    <p align="left">　　攀钢入主使公司经营陆续好转</p><br>    <p align="left">    <br>    攀钢集团入主川长钢后，在成本控制、原料采购、产品销售上加强了管理，经营情况在陆续好转。目前攀长钢的原料来源主要依靠社会收购、攀钢统一采购或提供钢坯，攀钢在原料上的支持对降低成本上起到了很大作用。通过两年来的努力，闲置生产线和工人基本重新正常运作。</p><br>    <p align="left">　　2006年5月份，攀钢集团管理层新老交替，国资委任命原攀钢集团党委书记樊政炜为董事长、原总经理罗泽中为副董事长后，还提名现任攀成钢总经理的余自甦为攀枝花钢铁（集团）公司总经理人选。新领导班子战略规划、资本市场运作的思路可能要更开阔一些。</p><br>    <p align="left">    <br>    攀钢集团长钢有限公司目前主要在建项目情况</p><br>    <p align="left">    <br>    四川省省委和绵阳市委积极支持发展攀钢长钢有限公司，利用攀钢资源优势和技术优势，将其定位为中国的特钢生产基地、钛材生产基地，由长钢有限公司规划建设50万吨高温合金棒项目和1万吨的钛材生产项目，争取2010年长钢有限公司销售收入实现100亿元。</p><br>    <p align="left">　　50万吨合金棒生产线年底将投产</p><br>    <p align="left">    2005年7月6日，攀长钢投资2.96亿元的50万吨棒材生产线开工建设，预计2006年年底投入试运行，增强了作为特钢生产基地的基础。</p><br>    <p align="left">　　海棉钛及钛材生产线将在2008年后逐渐投产</p><br>    <p align="left">    <br>    攀长钢在钛材加工设备、技术和产品销售上具有优势，因此攀钢将最具核心竞争力的钛材生产项目放到了攀长钢。2005年9月，攀长钢技术中心打通钛材生产工艺，试制出首批钛锭、钛材，预计2006年钛材产量为500吨，该项目从2004年开始建设，尽管500吨钛材的加工利润较少，但将为集团后续钛材建设生产提供技术和人才储备。因此市场对钛材将进入股份公司的猜测并非空穴来风，而认定必然将会进入股份公司的判断也为时尚早。</p><br>    <p align="left">　　钛材项目分两期运作，第一期为3000吨，总投资为3亿元，根据有关信息分析，我们预计，钛材加工基地将在7月份开工，则基本可在2008年投产，第二期为则在2010年建成投产。</p><br>    <p align="left">　　根据相关信息判断，有攀枝花、江油、宜宾政府在吸引海绵钛项目，目前来看，最可能的结果是，在江油建设钛材加工基地，在攀枝花或宜宾建设海绵钛加工基地。</p><br>    <p align="left">　　由于根据现阶段的生产技术，攀钢的钛资源还不能生产成为海绵钛，目前成立了技术攻关小组预计在未来3年有可能取得突破。</p><br>    <p align="center"><img alt src="http://www.topcj.com/img/200606/22105956638.gif" border="undefined"></p><br>    <p align="left">    军工概念多于实质</p><br>    <p align="left">    公司占有长城钢管公司24％的股权，长城钢管生产的核电管、航空精密管处于国内领先地位，2005年公司生产1万吨核钢管。公司是国家重点军工国防配套单位之一，为西安航天发动机厂、中国航天材料及工艺研究所提供了高质量的特殊钢材料，为“神舟六号”的成功飞行也作出了贡献。</p><br>    <p align="left">　　但公司此类产品的规模较小、因成本上涨和采购价格稳定的因素影响，公司的军工业务对业绩贡献有限。目前市场上的军工概念炒作较多，如果因为军工概念炒作该股票，则需要引起警惕。根据有关报道，经国家发改委已经批准，攀钢集团长钢有限公司总投资近20多亿元的新的核电管项目已经取得国家正式立项。</p><br>    <p align="left">　　2006年公司扭亏可能性较大</p><br>    <p align="left">    2005年股份公司计提了9500万坏帐准备，改变内部机构设置引起管理费用中的工资及附加、养老保险、工伤保险、业务招待费等主要费用项目增加4321万元，我们认为主要是为2006年扭亏作的准备，另外如果2006年公司继续亏损，则将会被ST，因此扭亏的动机比较明显。</p><br>    <p align="left">　　2002年以来基本没有投入资金作技术改造，在产能发挥和削减成本上存在一定的难度，加上第一季度为销售淡季，2006年第一季度就亏损3700万元。预计上半年仍将预亏，届时这将是股价的风险所在。</p><br>    <p align="left">　　2006年攀钢长钢股份公司经营计划为：实现粗钢产量为35万吨（高合金钢为18万吨），钢材产量为50万吨（高合金材的产量为15万吨），钛材的产量为500吨；实现销售收入实现30亿元。我们预计全年公司通过经营扭亏的难度有点大，将可能通过非正常性经营收益来帮助扭亏。</p><br>    <p align="left">　　公司股改情况及建议</p><br>    <p align="left">    <br>    公司由国信证券做股改工作，由于攀钢集团入主川长钢公司的成本较高，因此支付对价的幅度不会很大，预计公司将在7月份上报股改方案。</p><br>    <p align="left">　　总的来看，我们认为长城股份是“枯木逢春”而非“画饼充饥”，但由于集团资产注入还存在不确定性，这主要取决于攀钢新领导的战略思路，而且即使注入，业绩在2007年后才能有所体现。因此短期来看，公司股价存在被透支的迹象，我们对该股持谨慎态度。</p><br>    <script type="text/javascript">var art=document.getElementById("art");<br>    var imgs=art.getElementsByTagName("img");<br>    for (var i=0,g;g=imgs[i];i++)<br>     g.onload=function(){if (this.width>550)<br>     this.width=550;<br>     }<br>    </script><br>    <script src="http://stock.hexun.com/ad/news/pic.js"></script><br>    <br>    </body><br>    <br>    </html><br>     <br /> </div> <div class="text" id="btext"></div> 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